I got £20k back after I was mis-sold a SIPP

Anil was searching online for an adviser to help with his pensions and found what he thought was a reputable company. An adviser from the firm visited his home and raised the idea of opening a SIPP.

A SIPP was something Anil was not previously aware of, but he trusted the adviser and transferred his existing pensions into the SIPP. It was later transferred to another SIPP, which had much higher fees and was only suitable for experienced investors.

After the transfer, like most people, Anil didn’t check his pension often but knew it was in lots of small investment pots. Later, Anil wanted to put his pensions in one pot to make it easier to track and manage. At the time, he was taking professional advice to arrange a will and a funeral plan. This adviser was able to alert Anil that he may have been mis-sold the SIPP and that he may be able to claim with FSCS. Anil was not aware of FSCS at the time, but decided to make a claim.

Anil said FSCS kept him up to date at various points and his claim handler called him as soon as a decision was made. He was delighted when he was told he would receive around £20,700 in compensation. "I was surprised, gobsmacked really. I thought I might get a few thousand."

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*Identity changed for privacy and photo used is stock imagery.